External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations.

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External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Harvey Norman Holdings / Equity Bottom-Up

<ul><li>Harvey Norman (HVN)’s 1H25 result saw some beats in the Australian Franchising division and also in the company operated New Zealand region.</li><li>Australia franchisee headline comparable sales growth strengthened to +8.6% on pcp in Nov-Dec from +3.1% on pcp in Jul-Oct while all regions except Singapore/Malaysia had an incrementally better start to 2H with the positive consumer uptake of Mobile, Computer Technology and Home Appliances categories.</li><li>In terms of new store growth, companyoperated overseas stores were at 122 with 5 new stores opened across NZ, Malaysia &amp; UK (Merry Hill flagship store) and 1 closure in Singapore.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Harvey Norman (HVN)’s 1H25 result saw some beats in the Australian Franchising division and also in the company operated New Zealand region.Australia franchisee headline comparable sales growth strengthened to +8.6% on pcp in Nov-Dec from +3.1% on pcp in Jul-Oct while all regions except Singapore/Malaysia had an incrementally better start to 2H with the positive consumer uptake of Mobile, Computer Technology and Home Appliances categories.In terms of new store growth, companyoperated overseas stores were at 122 with 5 new stores opened across NZ, Malaysia &amp; UK (Merry Hill flagship store) and 1 closure in Singapore.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Harvey Norman Holdings

Harvey Norman (HVN): Moving the dial